SPY - Pullback before blowoff?
I took some puts on the SPY this week as I think it will pull back a little bit before we see a monster rally and blow off top. It broke the 12 year trend line in after hours and I think it has some more downside to come. The $340 level is my first target and anything less than that I will be attacking to the downside aggressively. We could finally be seeing fear coming back in the market as covid cases rise, further lockdowns looming, no stimulus in sight, and a potentially ugly transfer of power for the new President. I am way more bullish than I am bearish at this moment due to the massive amount of liquidity injected by the Feds, but we are in a very pivotal moment where anything can happen.
This is not financial advice. Good Luck!
This is not financial advice. Good Luck!
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